Place milk chocolate chips and light cream in medium microwave-safe bowl. Microwave at MEDIUM (50%) 1 minute; stir. If necessary, microwave at MEDIUM an additional 15 seconds at a time, stirring after each heating, just until chocolate is melted and mixture is smooth when stirred. Stir in vanilla.

Pour into demitasse cups or very small dessert dishes. Cover; refrigerate until firm. Serve cold with SWEETENED WHIPPED CREAM.